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Sunday, Aug 14, 2022

Rivian Raises $2.65B

Electric vehicle maker Rivian Automotive Inc. said Tuesday it raised $2.65 billion from an investor group that included Amazon’s Climate Pledge Fund.

The latest financing round brings the Irvine automaker’s total raised to date to $8 billion.

Other investors in the latest raise included Fidelity Management and Research Company, Coatue and D1 Capital Partners.

Bloomberg reported earlier this month the company was set to raise “several billion dollars” in a move that valued the company at $25 billion.

The latest capital infusion comes as Rivian focuses on the rollout of its inaugural truck and SUV.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles,” Rivian founder and CEO RJ Scaringe said in a statement. “The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.

Rivian, which manufactures in Normal, Ill., said it expects to begin deliveries of its vehicles this summer.

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